Eni sells stakes in Africa to Vitol for $1.65 billion

Eni has entered into an agreement to sell stakes in assets in Côte d'Ivoire and the Republic of Congo to Vitol for $1.65 billion, as part of its portfolio rebalancing strategy.

Share:

Comprehensive energy news coverage, updated nonstop

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

7-Day Pass

Up to 50 articles accessible for 7 days, with no automatic renewal

3 $/week*

FREE ACCOUNT

3 articles/month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 30,000 articles • 150+ analyses per week

Eni, the Italian energy giant, has announced the sale of stakes in assets located in Côte d’Ivoire and the Republic of Congo to the Swiss trading company Vitol. This transaction, valued at $1.65 billion, involves oil and gas production projects as well as blocks in exploration, evaluation, and development stages. The sale enables Eni to adjust its upstream energy asset portfolio.

sale of stakes in the baleine project

As part of this agreement, Vitol will acquire a 30% stake in the Baleine project, located in Côte d’Ivoire. This project represents a significant portion of Eni’s investments in the region, with Eni holding a 77.25% stake. Baleine is particularly known for its oil and natural gas production, which began in August 2023, less than two years after the field’s discovery. This site is considered the largest hydrocarbon discovery in the Ivorian sedimentary basin.

acquisition in the congo lng project

At the same time, Vitol will also acquire a 25% stake in the Congo LNG project in the Republic of Congo, where Eni currently holds a 65% stake. The Congo LNG project aims to develop liquefied natural gas (LNG) production infrastructure in the region. This acquisition strengthens Vitol’s position in Central Africa, a key market for hydrocarbons.

consolidation of the eni-vitol partnership

This transaction is part of Eni’s strategy to optimize its upstream activities, particularly in exploration and production. Eni and Vitol have already collaborated on several projects in West Africa, notably in Ghana with the OCTP and Block 4 projects. This sale marks a new chapter in the partnership between the two companies, further consolidating their joint presence in the African continent.

strategic portfolio rebalancing by eni

The sale of assets in Africa forms part of Eni’s broader strategy to rebalance its portfolio. This approach allows the group to focus on its strategic priorities, including the development of other exploration projects and energy transition. The portfolio adjustment is part of Eni’s efforts to strengthen its position in priority sectors and optimize its asset portfolio.

Alnaft has signed two study agreements with Omani firm Petrogas E&P on the Touggourt and Berkine basins, aiming to update hydrocarbon potential in key oil-producing areas.
Import quotas exhaustion and falling demand push Chinese independent refineries to sharply reduce Iranian crude volumes, affecting supply levels and putting downward pressure on prices.
Serbian oil company NIS, partially owned by Gazprom, faces newly enforced US sanctions after a nine-month reprieve, testing the country's fuel supply chain.
US-based Chevron appoints Kevin McLachlan, a veteran of TotalEnergies, as its global head of exploration, in a strategic move targeting Nigeria, Angola and Namibia.
Lycos Energy finalises the sale of its Alberta assets for $60mn, planning an immediate $47.9mn cash distribution to shareholders and the launch of a share buyback programme.
Russian oil output moved closer to its OPEC+ allocation in September, with a steady rise confirmed by Deputy Prime Minister Alexander Novak.
Fuel shortages now affect Bamako, struck in turn by a jihadist blockade targeting petroleum flows from Ivorian and Senegalese ports, severely disrupting national logistics.
McDermott has signed a memorandum of understanding with PETROFUND to launch technical training programmes aimed at strengthening local skills in Namibia’s oil and gas sector.
The example of OML 17 highlights the success of an African-led oil production model based on local accountability, strengthening Nigeria’s position in public energy investment.
ExxonMobil has signed a memorandum of understanding with the Iraqi government to develop the Majnoon oil field, marking its return to the country after a two-year absence.
Crude prices rose following the decision by the Organization of the Petroleum Exporting Countries and its allies to increase production only marginally in November, despite ongoing signs of oversupply.
Cenovus Energy modifies terms of its acquisition of MEG Energy by increasing the offer value and adjusting the cash-share split, while reporting record third-quarter results.
Hungarian oil group MOL and Croatian operator JANAF are negotiating an extension of their crude transport agreement as the region seeks to reduce reliance on Russian oil.
Rail shipments of Belarusian gasoline to Russia surged in September as Moscow sought to offset fuel shortages caused by Ukrainian attacks on its energy infrastructure.
Denmark is intensifying inspections of ships passing through Skagen, a strategic point linking the North Sea and the Baltic Sea, to counter the risks posed by the Russian shadow fleet transporting sanctioned oil.
Nicola Mavilla succeeds Kevin McLachlan as TotalEnergies' Director of Exploration, bringing over two decades of international experience in the oil and gas industry.
Sahara Group is making a major investment in Nigeria with seven new drilling rigs, aiming to become the country’s top private oil producer by increasing output to 350,000 barrels per day.
Senegal aims to double its oil refining capacity with a project estimated between $2bn and $5bn, as domestic demand exceeds current output.
Chevron is working to restart several units at its El Segundo refinery in California after a fire broke out in a jet fuel production unit, temporarily disrupting regional fuel supplies.
Ethiopia has begun construction of its first crude oil refinery in Gode, a $2.5bn project awarded to GCL, aimed at strengthening the country’s energy security amid ongoing reliance on fuel imports.

All the latest energy news, all the time

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

7 DAY PASS

Up to 50 items can be consulted for 7 days,
without automatic renewal

3$/week*

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.